On January 16, 2025, Bankrate quoted Ashley Craig on the proposed Trump tariffs and their potential impact on trade.
According to the article, economists, businesses, and consumers expect Trump’s increase in tariffs to have a heavy impact on the economy and trade. Craig provides an overview of the history and outlines what to expect.
Craig discussed the history of tariffs and who has the power to authorize them. He explained that “Several statutes dating back to the early 1930s grant the executive branch the authority to strike trade deals and raise tariffs without Congressional approval to maintain national security. That includes cases when a country looks to have some unfair trading practices or when imported goods look like they’re harming U.S. industries.”
Craig continued to share that many of his clients have been making contingency plans since the early spring, long before Trump was elected. Craig also shared that he has started to look into the legal basis for unilaterally implementing tariffs on all U.S. imports—and whether it can be challenged. “The short answer is: Maybe,” Craig says, noting that it depends on which statute Trump uses to defend his trade policy decisions.
When it comes to taking legal action, Craig explains that legal battles could be long and drawn out. Some DC-based appellate courts are still hearing oral arguments about some of Trump’s first-term tariffs, he says.
“At some point, hopefully in the future, we’ll have certainty, but it will not happen anytime soon,” Craig says. “In the meantime, importers will have to pay the duties as they have been.”
Click here for the full article.